Fruit sellers, carpenters, photographers, block makers, pepper sellers, pool agents, hairdressers and others in the informal sector in Oyo State are to pay between N500 and N50,000 yearly as presumptive tax.
Under the Oyo State presumptive tax system, those regarded as low-income earners are categorised along the lines of minimum, medium and maximum.
The tax payable for barbers range from N3,000 to N10,000; bricklayers, N10,000 to N30,000; plumbers, N2,000 to N10,000; hairdressers, N2,000 to N10,000; sawmillers, N5,000 to N20,000; sales and repairs of handset, N2,500 to N4,000; bookstores, N5,000 to N20,000; radio/refrigerator repair, N1,500 to N5,000 among others.
The rates are captured in the Oyo State Presumptive Tax Bill, 2023 which has passed the second reading stage at the Oyo State House of Assembly.
Those to be captured under the presumptive tax are those whose income cannot be ascertained for purposes of tax assessment.
Those not covered under the Pay-As-You-Earn or direct assessment, whose income for all practical purposes cannot be ascertained, whose financial records of the business undertaking are not kept in a manner to enable proper assessment of income tax payable.
